Now that youíre on your own, you might be tempted to spend money on all the things your parents wouldnít let you have before. Go slow. If you play it smart, you can avoid the sort of money troubles that plague many young adults.

* Join a credit union. Donít just sign up for a random bank giving away t-shirts or frisbees at registration. Track down a credit union in town, or do some research into online banks.

* Donít get a credit card unless you absolutely need one. Donít be a sucker. Those guys sitting behind the sign-up table are not there to help you. Theyíre there to make money.

* Avoid non-academic debt. It might seem like a good idea to put that Xbox on a credit card, but itís not. Focus on developing good money skills with cash. Worry about credit later.

* Save and then splurge. If you decide you must have that Xbox, then save for it. Wait until you can pay cash.

* Pay your bills on time. Basic advice, but itís surprising how many people lose track of things. If you pay your bills as they arrive, you wonít have to worry about forgetting them.

08-13-2009, 03:53 PM

DrDawg

Re: Student Money Management...

We actually talk about those exact things in university seminar and in some of our freshman classes we go through some time-value of money calculations.

I think there are plenty of students who are surprised at what the interest on a credit card can do to something as simple as purchasing a game console.